[HouSR  OF  Rf.prf.sf.ntativf.s  No,  3]        / 

HOUSE  OF  RE-PUESENTATIVES,    December  21,  1863.— Re- 
ferred to  the  Special  t^Omjuittee  on  Finance,  and  ordered  to  be  printed. 

[By  Mr.  H.  W.  Bruce.] 


RTTGGESTION^S 

For  financial  relief. 

1  Congress  shall   lew   and   cause  to  be  collected  an  ad  valorem 

2  tax  of  $2.50,(10(1, (MM)  for  the  year  1864. 

1  Conjs;ref>9  shall   impose  a  further  tax  of  fifty  per  cent,  on  all 

2  Confederate  States  treasury  notes  outstanding  on  the  1st  day  of 

3  April  next :  P:  ovided.  That  no  treasury  note  of  the  denomination 

4  of  ten  dollars,  or  of  a  less  denomination,  shall  be  so  taxed :  Pio- 
;j  vided,fui\'he..  That  no  treasury  note  issued  after  the  1st  day  of 

6  January  next,  shall  lie  subject  to  this  tax,  the  issue  of  such  notes 

7  not   to   exceed  §25,000,1  MM)   per  month,  and  wholly  to  cease  on 

8  the  1st  day  of  April :  And  provided,  a/so.  That  all  treasury  notes 
1)  now  in  circulation,  or  that  may  be  put  in  circulation  prior  to  the 

10  ist  day  of  January   next,  may  be  converted  into   bonds  of  tlic 

1 1  (Confederate  States,  bearing  six  per  cent,   interest,  at  any  timo 

12  before  the    1st  day  of  April  next,  at  the  option  of  the  holders 

13  thereof. 

1  A  tax  of  $250,000,000,  all  other  taxes  being  repealed,  -would 


2  enable  the  government  to  prosecute   the   war  for  the  year  1864, 

3  increased,  as  that   amount  -would  be,  by  the  proceeds  of  a  fifty 

4  per  cent,  on  outstanding  treasury  notes,  any  excess  of  the  cost 

5  of  the  war  to  be  funded  in  such  manner  as  Congress  shall  pro- 
U  vide.  The  people  could  pay  such  a  tax,  and  would  do  it  cheer- 
7  fully,  while  a  greater  one  would  be  oppressive,  if  not  ruinous. 

1  A  tax  of  fifty  per  cent,  on  treasury  notes  outstanding  on  the 

2  1st  day  of  April,  coupled   with  the  privilege  of  funding  such 

3  notes  prior  to  that  day,  would  compel  the  funding  of  the  bulk  of 

4  them, 

1  Notes  of  the  denomination  of  ten  dollars,   and  of  a   less   de- 

2  nomination,  should  be  exempted  from  a  fifty  per  cent,  tax,  be- 

3  cause  the  poorer  classes  of  the  population  of  the  States,  who  are 

4  unable  to  buy  bonds,  and  equally  unable   to  pay  heavy  taxes, 

5  hold  such  notes,  and  none  other. 

1  Frauds  in  the  collection  of  a  fifty  per  cent,  tax  on  outstanding 

2  treasury  notes,  as  proposed,  could  be  prevented,  and  its  prompt 

3  collection  ensured,  by  providing  that  each  person  holding  such 

4  notes  shall,  on  the  1st  day  of  April  next,  take  all  such  notes  in 

5  his  possession  before  the  tax  collector  for  his  district,  who  shall 

6  collect  the  tax,  and  put  a  stamp,  which  should  be  uniform  through- 

7  out  the  Confederate  States,  upon  the  notes  upon  which  the  tax 

8  shall  have  been  collected,  and  prohibiting  the  circulation  of  all 

9  unstamped  notes  of  denominations  subject  to  the  tax  after  that 
10  date. 

1  The'notes  not  included  in  the  tax,  the  few  of  a  larger  denomi- 

2  nation  than  ten  dollars,  left  after  the  payment  of  the  tax,  and 

3  those  issued  after  January   1st,  would  constitute  a  circulation 

4  sufficient  for  the  wants  of  the  country. 


